Thermal imaging market set for growth

Nottingham, UK

The global thermal imaging market is expected to grow at the CAGR of 9.2% during 2015-2022 and it estimated to be $11.2 billion by 2022, according to a new report published by market research company Brisk Insights based in Nottingham, UK.

Analysts found that the global thermal imaging market is majorly driven by a rise in the refractory material industry and huge investment is expected to boost the market over the next few years. The major factor driving the thermal imaging market is the rising demand for thermal cameras in smartphone and commercial purposes.

Global adoption of thermal imaging in developed and emerging economies has created huge scope in the market. End user demand for such requirements as surveillance, surveys, radiology, threat detection, personal vision, fire fighting and so on is creating huge scope for the players in the global thermal imaging market.

In terms of regions it is predicted that the thermal imaging market by application will have the highest CAGR over the period 2015-2022 in the APAC region. The most common reason why companies are entering the market is the significant increase in adoption of thermal imaging cameras and the growing and wide ranging variety of applications.

The end users, in this market, such as military and defense, commercial and so on are enabling the companies to explore the potential and as a result there is significant rise in revenues compared to those of the past. This kind of development according to the researchers will enable the global thermal imaging market to attract other major players to enter the market over the coming years. Emerging economies such as India, China, Japan and Korea are expected to contribute significantly in the next few years.

The companies involved in the thermal imaging market such as FLIR Systems, Danaher Corporation, DRS Technologies, BAE Systems, Sofradir Group, Axis Communications, L-3 Communications, Raytheon are constantly focusing on innovation and technological advancement. Also with increasing competition in the market companies are focusing on mergers and acquisition, partnerships, collaboration, expansion as well as launching new products.

The report segments the thermal imaging market on the basis of application, end user and geography. The major sector being the end user segment which includes military, defense and commercial.

On a regional scale, globally, North America dominates this market with high investments from manufacturers due to growing demand. However, North America is expected to contribute more than 55% market share followed by Europe and APAC. Both the regions are expected to create significant opportunities for the growth of the market during the forecasted years. Growing demand for thermal imaging products in emerging economies are the major drivers.